Newsazenplay.comThe Philippine central bank said electronic payment providers must improve merchant vetting to reduce fraud risks. The warning followed findings that thousands of illegal businesses, including online casinos, were operating on payment platforms under false business names.
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PAGCOR said payment regulation has become more important after electronic wallets were delinked from gaming applications. It also amended accreditation procedures for payment gateways and channels to align them with Bangko Sentral ng Pilipinas rules.